HomeMy WebLinkAboutDeed Transfer Tax Collection Procedure Policy
Cape Breton Regional Municipality
POLICY
DEED TRANSFER TAX - COLLECTION PROCEDURE
STATEMENT:
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Deed Transfer Tax is a Municipal Tax generated by transfer of ownership on a
property and based upon the sale price of the transaction.
Prior to August 1/95 all eight municipal units charged a deed transfer tax equal to
from 1/2 of 1 % to 1% of transaction value. * This fee was collected by an Agent at
the Registry of Deeds for seven of the eight units and by the Tax Collector located
at the Civic Center for the City of Sydney. Annual revenue generated by this
form of taxation was $514,000. during 1994/95.
FACTS:
The Cape Breton Regional Municipality Act, S. 105 established:
(1) Regional Council by recorded resolution may prescribe rules, regulations and
forms necessary for the collection of deed transfer tax. * *
RECOMMENDA TION:
Negotiate with Municipal Affairs to have Registry staff process deed transfer tax
as part of the deed registration procedure.
Approved by Council on the 19th day of
March, 1996.
Note:
*
Amendments to the Deed Transfer Tax By-Law set the rate to 1.5%
effective January 1, 2003.
**
CBRM now administers Deed Transfer Tax under Sections 102, 104 and
110 of the Municipal Government Act.